McLaren confirms end of Petrobras partnership

McLaren has announced the end of its technical and sponsorship agreement with Brazilian company Petrobras with immediate effect.

McLaren and Petrobras linked up in 2018 on a five-year deal, but the state-owned company faced pressure from new Brazilian president Jair Bolsonaro to end the agreement as soon as possible.

Following months of speculation and talks between the two parties, McLaren issued a statement on Monday confirming the partnership had now been terminated.

"Petrobras and McLaren Racing have concluded their technical and sponsorship agreement by mutual consent. The partnership produced clear technological advances in fuels and lubricants and identified opportunities for future collaborations in commercial, technology and social responsibility fields between the two companies," the statement reads.

"We recognise the importance of McLaren in global motorsport and we are very satisfied with the results delivered during the two years of our partnership" said Roberto Castello Branco, CEO of Petrobras.

"The project allowed Petrobras to develop high-technology gasoline and lubricants through research with new raw materials and tests performed in extreme conditions. The technological development will be used in lubricant and fuel products. We see in McLaren a commitment to innovation and also the possibility of future partnerships."

McLaren Racing CEO Zak Brown added: "We would like to thank Petrobras for their partnership and support. We have great respect for their technical and scientific capabilities, and there is no doubt the company's technicians have made substantial progress in the time we have been working together.

"We wish everyone at Petrobras every success and hope to see them back in the sport again in the future."